Accurate, detailed mapping can really make a big difference when pricing risk, especially when it comes to property and assets in areas where weather events are known to happen in a seasonal cycle. That fine data affects fresh quotes and reinsurance contracts, so it’s worth gathering and analysing. Here’s the word from CAPE;
Today, CAPE Analytics, the leader in AI-powered geospatial property intelligence, announced it has expanded its relationship with The Hanover Insurance Group to integrate geospatial analytics earlier in the underwriting process to augment inspection and rating models.
As part of its relationship with The Hanover, CAPE has helped improve workflows and outcomes for new and renewal underwriting, and enhanced pricing segmentation. With each subsequent implementation, The Hanover has provided thoughtful stage gates that have pushed CAPE’s technological capabilities to drive better underwriting and deliver superior results.
CAPE identifies valuable property characteristics such as a roof’s condition, yard debris, solar panels, overhanging trees, swimming pools, and more with faster speed and accuracy than traditional third-party data sources. In addition to underwriting automation and straight-through processing, The Hanover leverages this intelligence to provide a standout customer experience and empower its independent agents.
“The Hanover team rigorously assessed the returns associated with each use case, ensuring they got value from day one,” said Scott Strogatz, Senior Director of Client Development for CAPE. “Being agent-focused enables them to respond quickly to market changes and customer needs, thus maximizing the value derived from CAPE insights.”
“We continue to push the boundary of what’s possible by integrating CAPE’s capabilities, like underwriters reviewing residential roof quality and other homeowner potential issues like yard debris and the presence of pools and trampolines,” said Tim Dillahunt, Vice President of Underwriting Operations and Strategy at The Hanover. “The Hanover’s commitment to investing in technology provides independent agents with a better understanding of risk and more accurate pricing.”
For more information, visit capeanalytics.com.